FYI - I think the Italian banks look the next weakest point in Europe. They make up to 40% of reference entities for credit default swaps for banks. That compares with 20% for Swiss banks, 15% for Kahazac, 10% for German Russian, and French and only 1% for Irish banks. The Spanish don't even register on the list. Even if you offset the banking sectors by GDP for example, an awful lot of traders,and insurers are worried about the stablity of Italian banks.